A third round of stimulus checks should be on their way to households across the US soon now that the House of Representatives has approved President Biden’s $1.9 trillion coronavirus relief bill.
The IRS could start sending out the checks of up to $1,400 within days of Biden signing the American Rescue Plan Act, which he’s expected to do on Friday.
This means the millions of Americans eligible for the one-time payments should have money in the bank by the end of the month.
Senate Majority Leader Chuck Schumer on Tuesday estimated that it could be just two weeks before families receive their checks.
“Middle-class Western New York households will be getting a $1,400 check in the mail in about two weeks,” Schumer said at a press conference.
“They should get them by the end of March, so it’ll be a nice Easter present for everybody.”
As with the previous two rounds of payments — the $1,200 distributed last spring and $600 sent out in December — those with direct deposit set up with the IRS will be the first to get paid, since the agency already has their account information on file.
Those without direct deposit will have to wait for their checks to be printed and mailed.
Not everyone will get a check.
To be eligible for the full $1,400 amount, individuals must have an adjusted gross income below $75,000. Smaller amounts will be available for earners between $75,000 and $80,000.
An extra $1,400 payment is awarded for each dependent child, but in a change from past stimulus checks, the income limits apply to checks for kids too.
Married couples filing their taxes jointly must have an AGI under $150,000 to receive the full $2,800, with smaller amounts for those making up to $160,000.
The payments are based on either 2019 or 2020 income, depending on when a taxpayer filed their 2020 tax return.